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21 Jan 10
18:08
Joined:
Date Joined:
27 Apr 07
do these indjuts not think before they speak?
Shadow chancellor George Osborne has told the BBC that if the Conservatives win the general election they will copy US plans to limit the size of banks.
Under the proposals outlined by President Barack Obama, US retail banks will face curbs on their riskier activities.
This could lead to the largest US banks being broken up.
The Treasury said it would consider President Obama's comments on bank reform "very carefully".
'Welcome move'
BBC business editor Robert Peston said Mr Osborne's comments would "generate profound fear in the boardrooms of Barclays and Royal Bank of Scotland".
Shares in both banks fell sharply on Tuesday, with Royal Bank of Scotland losing 7% - the biggest decline on the UK's main FTSE 100 share index. Barclays lost 5.9%.
Under President Obama's proposals, retail banks would be banned from using their own money in risky financial transactions.
This would prevent them from investing in hedge and private equity funds, or engaging in so-called proprietary trading.
"This is a welcome move by President Obama that accords very much with our thinking," said Mr Osborne.
"I have said consistently that we should look at separating retail banking from activities like large scale propriety trading - and that this was best done internationally."
Shadow chancellor George Osborne has told the BBC that if the Conservatives win the general election they will copy US plans to limit the size of banks.
Under the proposals outlined by President Barack Obama, US retail banks will face curbs on their riskier activities.
This could lead to the largest US banks being broken up.
The Treasury said it would consider President Obama's comments on bank reform "very carefully".
'Welcome move'
BBC business editor Robert Peston said Mr Osborne's comments would "generate profound fear in the boardrooms of Barclays and Royal Bank of Scotland".
Shares in both banks fell sharply on Tuesday, with Royal Bank of Scotland losing 7% - the biggest decline on the UK's main FTSE 100 share index. Barclays lost 5.9%.
Under President Obama's proposals, retail banks would be banned from using their own money in risky financial transactions.
This would prevent them from investing in hedge and private equity funds, or engaging in so-called proprietary trading.
"This is a welcome move by President Obama that accords very much with our thinking," said Mr Osborne.
"I have said consistently that we should look at separating retail banking from activities like large scale propriety trading - and that this was best done internationally."
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Whats your problem with it?
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what is the backbone of our economy?
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Continually rising house prices and spending fuelled by unsustainable levels of borrowings?
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what I was trying to say is keep quiet, the city would be in the perfect position to take these banks if the yanks do pass this through congress. Why jump on this bandwagon without thiking how you could benefit from this form of legislation
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HarryCrumb 21 Jan 19:19
Continually rising house prices and spending fuelled by unsustainable levels of borrowings? exactly. so why kill the golden goose? what are we going to survive off? our exports of fray and bentos pies? |
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The goose and its illusion of prosperity have died. You cant seriously want to try to create another boom based on nothing more than debt- unless of course you are Gordon Brown.
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I have to agree with the Crumbster, Flea.
The Magic Flea 21 Jan 19:19 Why jump on this bandwagon without thiking how you could benefit from this form of legislation Because it's the winning bandwagon for an uncertain election? |
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obama's "reforms" have proved very unpopular with the voters.
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